Job losses —hit Sg could match levels of previous downturns
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Channel NewsAsia - 1 hour 30 minutes ago
SINGAPORE: Acting Manpower Minister Gan Kim Yong has said the unemployment rate due to the current recession in Singapore could reach the levels recorded during the Asian financial crisis in 1998 and the economic downturn in 2001.
And, with the US and European economies likely to recover only in the second half of this year, Trade and Industry Minister Lim Hng Kiang warned that recovery will be a slow process.
Both ministers laid out the jobs situation in Singapore in Parliament on Monday.
The industries that may be most affected by job losses are manufacturing, tourism, transport and wholesale trade. These are the sectors that are most exposed to the external economic environment. The financial services sector will also remain weak.
Mr Gan said based on preliminary numbers, some 8,100 workers were either laid off or facing retrenchments in the fourth quarter of last year and over the next few months.
Already, some 7,400 workers lost their jobs in the first three quarters of last year, two thirds of whom are locals.
The silver lining is that more than 30,000 new jobs will be available in growth sectors such as construction, healthcare, public administration and the integrated resorts.
Mr Gan said: "Close to 30,000 workers were retrenched in 1998 due to the Asian financial crisis, and about 26,000 workers were retrenched during the economic downturn in 2001. If our economy were to contract sharply this year, it is possible that retrenchments could reach these levels seen in previous recessions."
Also speaking in Parliament, Minister Lim said Singapore’s job losses will increase and consumer sentiment will weaken as the manufacturing and financial industries slow further this year.
He said the economic slump has spread to all parts of the economy.
Mr Lim said 2009 will be a difficult year with consumer demand in key exports markets such as the US and Europe expected to remain weak.
As such, the manufacturing sector will continue to face a slowdown.
The financial sector meanwhile is expected to see a sharp decline because of the impact of the financial crisis.
Mr Lim also said weaker consumer sentiment among Singaporeans has affected the retail sector and the property market.
But he said there are still sectors that are showing positive growth.
These sectors collectively make up slightly less than 10 per cent of the economy. As such, Mr Lim said their growth will not be able to compensate for the decline in other sectors.
Mr Lim also said the government’s S$2.3 billion loan support package for businesses in Singapore has been "promising".
Giving an update in Parliament, Mr Lim said banks’ loan commitments increased even before the scheme was introduced in December last year.
For the whole of last year, loan commitments rose by 50 per cent to over
S$1 billion, compared to S$680 million registered in the previous year.Since the government—backed loans for businesses were launched in December, some 500 applications were received in that month alone.
Mr Lim added that the approved loans for December last year increased by 30 per cent over the same period in 2007, rising to S$80 million from S$62 million.
— CNA/938LIVE/ir
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What is the govt doing to help the jobless? Is it too much for singaporeans to expect help from the govt?
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In the first place, we should not be too dependent on the government. When US and Europe hits recession, Singapore is the first to be affected. The government has no control over it. We should not even expect them to have control over the global recession at all(sad to say some people even think that our economy will only slow down and not enter recession), needless to say jobs and employment.
When the tide rises, all boats rise. They can only do so much, but yet pay themselves excess of what they had performed.
This crisis is also a reflection of excess. Imagine young bankers in their mid-twenties earning 10-20 Million a year of compensation. *pokes* bubble burst!
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There is nothing the ruling party can do about the global financial crisis but at home they can help to relieve the financial burden of the people. They can cut down personal income tax, cut down GST and ERP or remove ERP and GST during this serious global financial crisis. But there again, having profit making as their top priority to run the country as businessmen, I doubt they will do so.
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In school hor, i studied that economy behaves in a cylical way, so no problem lah, somehow the economy will go up again, since we had experienced such crisis in 1998 (me in pri school) and 2001 (me in sec sch) and 1985, (me not born yet) . No big deal, singaporeans had rehearsal such events so many time liao.And each time, after a down fall, we get stronger and stronger, ministers pays get higher and higher, Gst and other taxes go higher and higher, price of goods go higher and higher ...and me go prettier and prettier with my front bigger and bigger...and also my Uncle Andrew go angrier and angrier
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Originally posted by Fantagf:
What is the govt doing to help the jobless? Is it too much for singaporeans to expect help from the govt?
the govt will create jobs such as personal bodyguards for MPs -
Originally posted by angel7030:
In school hor, i studied that economy behaves in a cylical way, so no problem lah, somehow the economy will go up again, since we had experienced such crisis in 1998 (me in pri school) and 2001 (me in sec sch) and 1985, (me not born yet) . No big deal, singaporeans had rehearsal such events so many time liao.And each time, after a down fall, we get stronger and stronger, ministers pays get higher and higher, Gst and other taxes go higher and higher, price of goods go higher and higher ...and me go prettier and prettier with my front bigger and bigger...and also my Uncle Andrew go angrier and angrier
Don't forget during the past crises, people no need to cope with so much increases compared to now. We had a different PM during those times.
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Originally posted by angel7030:
the govt will create jobs such as personal bodyguards for MPs
ha ha ha, right! Those MPs who don't treat people well must be fearful they will be next. Ya, ya, thus they need more bodyguards. Hey, they will take more from us to employ bodyguards. -
Originally posted by Fantagf:
ha ha ha, right! Those MPs who don't treat people well must be fearful they will be next. Ya, ya, thus they need more bodyguards. Hey, they will take more from us to employ bodyguards.
Employed aunties and uncles bodyguards to guards against ah pek and ah ma. OMG!!! aren't bodyguards take care of assassination. -
Originally posted by angel7030:
Employed aunties and uncles bodyguards to guards against ah pek and ah ma. OMG!!! aren't bodyguards take care of assassination.
hello, to lky they are all talents, the team A, A team. Indeed, they are talents to keep taking money from the people -
Originally posted by Fantagf:
hello, to lky they are all talents, the team A, A team. Indeed, they are talents to keep taking money from the people
that is why i labelled them as clever, A star scholars. -
Originally posted by angel7030:
that is why i labelled them as clever, A star scholars.
there is never enough money to feed them. unlike us, they sleep money, breathe money, talk money, work money, think money, drive money, rest money, swallow money, drink money. WE have to work very hard to feed them, they never get enough. -
There is nothing the ruling party can do about the global financial crisis but at home they can help to relieve the financial burden of the people.
not true la. remember when US and rest of the world are booming, they also claim credit and increase their own pay for it ma.
they are just paying for their own action only la.
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Originally posted by reyes:
not true la. remember when US and rest of the world are booming, they also claim credit and increase their own pay for it ma.
they are just paying for their own action only la.
Hmmm...so they planned, approved and executed all for their own sake, very clever lor, and then when the plan failed, they past it to us a tray of bullets to bite on....very clever hor
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Originally posted by reyes:
not true la. remember when US and rest of the world are booming, they also claim credit and increase their own pay for it ma.
they are just paying for their own action only la.
what to do when we have a whole damn bunch of idiots having profit making/earning money as their top priority. -
Originally posted by angel7030:
In school hor, i studied that economy behaves in a cylical way, so no problem lah, somehow the economy will go up again, since we had experienced such crisis in 1998 (me in pri school) and 2001 (me in sec sch) and 1985, (me not born yet) . No big deal, singaporeans had rehearsal such events so many time liao.And each time, after a down fall, we get stronger and stronger, ministers pays get higher and higher, Gst and other taxes go higher and higher, price of goods go higher and higher ...and me go prettier and prettier with my front bigger and bigger...and also my Uncle Andrew go angrier and angrier
Because you not working and not much liabilities to take care mah .... So you do not feel the actual pinch and pain in those recession ..
Have you been called for a company meeting and been told 2/3 of you people standing will be laid off. I know people who have been through that.
Have you been to a meeting whereby you got to tell your team of 15 will have to down size. Months later , only 5 of the team members is left ... I know people who been through that .
They still rem lo .Yes . The people retrenched are not going to die, but they will live the with the pain that they have spent a precious part of their life or prime for something but end up retrenched and the skills that they have been using is no longer relevant for their next job.
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Originally posted by Ice Dive:
Because you not working and not much liabilities to take care mah .... So you do not feel the actual pinch and pain in those recession ..
Have you been called for a company meeting and been told 2/3 of you people standing will be laid off. I know people who have been through that.
Have you been to a meeting whereby you got to tell your team of 15 will have to down size. Months later , only 5 of the team members is left ... I know people who been through that .
They still rem lo .Yes . The people retrenched are not going to die, but they will live the with the pain that they have spent a precious part of their life or prime for something but end up retrenched and the skills that they have been using is no longer relevant for their next job.
angel has no worry of retrenchment. She is helping in the family business. -
Sorrie Angel ... Please marry me !!
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Originally posted by Ice Dive:
Sorrie Angel ... Please marry me !!
ha ha ha ha. U thinking of inheriting the family business when u marry her? -
Originally posted by Fantagf:
ha ha ha ha. U thinking of inheriting the family business when u marry her?Shall not talk to you much ... wait she jealous how ... wahaha
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every country has or will face jobs loss.
the big winner is one who can create jobs while lossing jobs.
U creat more than u loss then it is better.
http://search.news.com.au/search?us=&sid=2&as=NEWS&ac=news&q=jobs%20loss
see how is life in Oz.It is not better.
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Originally posted by Ice Dive:
Shall not talk to you much ... wait she jealous how ... wahaha
so childish -
Originally posted by Fantagf:
so childishThanks .. better young then old at heart